Government's Mega Stake Sale in HZL Oversubscribed: A Financial Triumph

The government's offer-for-sale (OFS) of over 4.75 crore HZL shares to institutional investors was oversubscribed with bids close to Rs 3,400 crore. The OFS, aimed at raising over Rs 5,000 crore, opens to retail investors on Thursday. Proceeds will contribute to the government's disinvestment strategy.

The government's offer-for-sale (OFS) of more than 4.75 crore shares in HZL to institutional investors witnessed overwhelming response, with bids reaching nearly Rs 3,400 crore before market close on Wednesday.

Institutional buyers bid for over 6.69 crore shares, 1.4 times the available amount, showcasing robust demand. The sale opens to retail investors on Thursday.

A total of 5.28 crore shares are being sold with a 1.25 per cent stake, including a greenshoe option for more. If fully subscribed, the sale could generate over Rs 5,000 crore, boosting the government's disinvestment efforts.

(With inputs from agencies.)